Introduction
The Canadian cryptocurrency market has experienced its fair share of ups and downs over the years, but recent regulatory changes have led to a purge of bad actors and a stronger, more stable market. In a recent interview with CoinTelegraph, Bitvo CEO Pamela Draper discussed the impact of these changes and the future of crypto in Canada.
Regulatory Changes
In 2019, the Canadian Securities Administrators (CSA) issued new guidance for crypto trading platforms, requiring them to register with the CSA as securities dealers. This move was designed to protect consumers and ensure that crypto trading platforms are operating in a fair and transparent manner.
According to Draper, this regulatory change has had a positive impact on the Canadian crypto market. It has weeded out bad actors and created a more stable environment for investors. “It’s a good thing for the industry because it brings credibility and trust,” she said.
Increased Adoption
Despite the challenges posed by the COVID-19 pandemic, Draper noted that the Canadian crypto market has seen increased adoption in recent months. “We’ve seen a lot of people that are interested in investing in cryptocurrency, both from a retail perspective and an institutional perspective,” she said.
This increased adoption is due in part to the growing awareness of the potential benefits of cryptocurrency, such as its ability to serve as a hedge against inflation and its potential for long-term growth.
Innovation and Collaboration
Draper also highlighted the importance of innovation and collaboration in driving the growth of the Canadian crypto market. “We need to continue to innovate, we need to continue to collaborate, we need to continue to work together as an industry,” she said.
She noted that Bitvo is committed to driving innovation in the crypto space, citing the recent launch of the Bitvo Cash Card, which allows users to spend their cryptocurrency at any merchant that accepts Visa. “We’re really excited about the Bitvo Cash Card because we think it’s going to bring a lot of new users into the space,” she said.
Related:KuCoin Crypto Exchange to Introduce Mandatory KYC in July
Conclusion
Despite the challenges posed by the COVID-19 pandemic and the regulatory changes in the Canadian crypto market, Bitvo CEO Pamela Draper remains optimistic about the future of crypto in Canada. She believes that the industry is stronger than ever, thanks in part to the weeding out of bad actors and the increased adoption of cryptocurrency.
Looking ahead, Draper emphasized the importance of innovation and collaboration in driving the growth of the Canadian crypto market. With continued innovation and collaboration, she believes that the Canadian crypto market will continue to thrive in the years to come.
